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Analysis of the Service Marketing Issues Affecting the Organisations of Banking Industry - Assignment Example

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The author identifies the major strategic grouping, the opportunities, and threats facing the banking sector. The author also describes commonalities and differences between the current service marketing strategies of the banking sector’s ‘major players’. …
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Analysis of the Service Marketing Issues Affecting the Organisations of Banking Industry
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Download file to see previous pages Over the last year, the industry has been the hot topic of discussion due to the recent global financial turmoil which has shaken the banking industry in most of the developed countries in the world. The UK is one of the largest economies in the world. As a result of its banking industry greatly influences not its own economy but also the global economy. UK banking industry is the third largest banking sector in the world. It is one of the most efficient and dynamic industry in entire Europe. It serves almost 95% of the UK’s total population. Almost 3.5% of the total workforce in the UK is employed in the UK banking industry. It has been found that the productivity of the UK financial sector is growing at a rate which three times higher than the pace of the UK economy. The sector is heavily influencing the GDP of the country. In 2007 the financial sector and banks contributed approximately 70 billion euro to the national output of the country and this amount is almost 7% of the UK’s GDP. Most importantly this amount has witnessed an increase of 100% from the year 2003. UK banking sector is considered as the world-leading center for private banking, investment and cross border banking. It is holding the fifth position in terms of global international lending. It has been observed that almost one-third of the global foreign exchange business involve banks in London only.
As of December 2008, there are 381 credit institutions in the UK. Moreover, there is a total of 163 foreign credit institutions. Furthermore, there are 2,241 investment firms in the UK (Financial Service Authority, n.d.).
The banking industry has gone through a radical transformation because of market liberalization. Significant deregulations and competition that was created out of that were the two main reasons behind this. In the UK banking industry, deregulation started when Competition and Credit Control in 1971 (CCC) was introduced in 1971.  ...Download file to see next pagesRead More
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